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Overview

Set yourself up for life as early as possible and enjoy life on your terms!

Are you tied to a nine-to-five workweek? Do you work hard making someone else rich? Are you financially freethe sort of free that ensures you spend the best part of your day and week, and the best years of your life doing what you want? Would you like to “retire” from wage paying work within ten years? Why not build and follow a plan that allows you to live the life of your dreams?

This isn’t about saving up a nest egg. It’s not about setting aside money for a “rainy day” or just accumulating an emergency fund. It’s about building out a Financial Runway. It’s about creating enough readily accessible wealth that you can survive without work for a year. Then five years. Then for life. Set for Life is a three-step guide that gives readers the fiscal confidence they need to achieve early financial freedom. Readers will learn how to:

• Save more income50+ percent of it, while still having fun

• Double or triple your income in three to five years

• Secure “real” assets and avoid “false” ones that destroy wealth

HERE’S TO FISCAL CONFIDENCE, HERE’S TO GIVING UP A NINE-TO-FIVE JOB, AND HERE’S TO BEING SET FOR LIFE

Product Details

About the Author

Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just three years after graduating college. He hopes to now share the knowledge he has acquired so that others will have the tools they need to repeat his results in just 3-5 years, giving them the option to go anywhere they want in the world, work any job, start any business, or finish out the journey to financial independence and retire young.

Table of Contents

Contents

Introduction 10 Three Stages of Wealth Creation 11

Part I: The First $25,000 Is the Hardest 14

Chapter 1: Building The First $25,000 through Frugality 16 Why Wealth Creation Begins with Frugality 17 The Psychology of Frugality 21 Conclusion 28

Chapter 2: How to Live an Efficient Lifestyle 30 An Overview of the Average American’s Spending Habits 31 Tackling Major Life Expenditures in Order of Significance 33 Conclusion 45

Chapter 3: What to Do with Money as You Save It 48 “Bad” Debt vs. “Good” Debt 49 Credit 52 The First Three Milestones in the Journey to Financial Freedom 54 Conclusion 59

Part II: From $25,000 to $100,000 through Housing & Income Generation 60

Chapter 4: Turning Your Largest Expense into an Income Producing Asset 62 Average Joe’s Housing Dilemma 62 Conclusion 71Chapter 5: The Financial Impact of Housing Decisions 72 Five Ways to Buy a First Property 72 Questions to Ask Before Buying a House Hack 84 Conclusion 87

Chapter 6: How to Make More Money 90 What Is the Point of Earning More Money? 92 Changes Necessary to Increase One’s Income 99 Conclusion 113

Chapter 7: Scaling a Scalable Career 116 Five Tactics To Help You Earn More Money 117 Conclusion 126

Part III: Moving from $100,000 to Financial Freedom 128

Chapter 8: An Exploration of Financial Freedom 130 Who Are the Financially Free? 135 The Four Levels of Finance 138 How to Go About Pursuing Financial Freedom 142 The Components to the Financial Independence Equation 142 Conclusion 155

Chapter 9: An Introduction to Investing for Early Financial Freedom 156 The Seven Core Tenets of Investing 158 Five Concepts for the Savvy Investor 167 Conclusion 181

Editorial Reviews

2017-05-02A debut financial guide offers a novel approach to wealth creation. Reports of the demise of the middle class have led to a spate of financial and investment books targeting the "average Joe," a label often used in this work. Clearly, Trench intends the manual for a specific audience, "the full-time median (around $50,000 per year) wage earner who has little to no initial savings but wants early financial freedom." The author's three-stage formula focuses on the notion that creating and building wealth is about developing a "financial runway," or the ability to live a desired lifestyle without relying on a traditional job. But rather than promote a get-rich-quick scheme, Trench lobbies for a period of self-sacrifice followed by bulking up on savings and investing in income-producing assets. The author lays out his proposition elegantly, using a strategy that moves from zero personal wealth to an initial accumulation of $25,000, growing that to $100,000, and culminating in fiscal independence. Much of the book emphasizes a do-it-yourself mentality and disciplined practicality. Trench chides the reader to be sensible and accept less than "the best." The finest will cost a lot more but probably not be much better than "quite good." This goes hand in hand with the concept of living "efficiently." These are tenets of a kind of self-reliant, pragmatic philosophy that forms a foundation for the well-constructed book. Tactics abound: when it comes to housing, for instance, the author's solution is to start by living in an inexpensive apartment close to work and, after saving some money, become a "house hacker"—purchase a multifamily unit, live in one part, and rent out the other. This is a key to wealth creation, writes Trench, but it may not be desirable or feasible for everyone. Other unconventional ideas, such as seeking out a performance-based job to generate higher than average employment income, are provided throughout. Cogently written and ideal for those beginning their careers who are not averse to risk; some may find this fiscal plan too audacious, but others will likely embrace its spirit and pursue it with fervor.

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